All Forum Posts by: David H.

I'm confused on what you are doing but typically the seller will send you the purchase agreement. You will fill out your info and conditions and send it back. If you found the seller then you could provide the agreement and send it to them. Or thier attorney, you would have to ask them how they want it If you are trying to line up a tenant for the property prior to owning it will turn off alot of sellers. If it's a good deal in a good market I'm not sure why you would predicate the sale on finding a tenant. Well I can see why so you have no risk in the deal but i dont think that will work well. I could see maybe if it was commercial property but not residential. But I'm a bit confused so may have it off

I use a dedicated account for it so would just show that statement. And can put things in excel quickly if they wanted a breakdown

My first deal was after hurricane Katrina and I just jumped in. Did plenty wrong. Next deal was a few years ago after I read a book on rental investing. Basically I did very little research and jumped in. It worked out but i learned plenty from mistakes. I found podcasts and BP more recently but I had learned most the big stuff by then lol.

@Tim McKinnon I did use legalzoom and it was pretty simple. I didnt do it out of state but I think I recall him mentioning that about Nevada as well but I dont know about it.

@Glen Parmenter There are definitely are plenty of ways to do that but there are alot of factors that go into that. Having no money is one thing, but having no experience, no money, no stable income makes it a challenge to get lending. Not saying it cant be done and by all means one should pursue it if that's the plan. But there are plenty challenges that go into that that one needs to be aware of.

I didnt use an attorney to set mine up. It's pretty simple online. I guess it depends on the state but I didnt see an attorney as necessary. Some banks require the due on sale if you transfer it to llc after. Other banks wont allow it to be purchased by an llc if it's a new since it doesnt have the funds. Others have no issue with you setting up the llc and buying it through it. I would just talk to the banks and find out thier rules and go the route that works best for you

@Wilson Lee I think you handled it very well. I always think it's better to file for eviction sooner than later, if you wait to long they are into you for another month and then it really gets hard. You want to make sure you maintain leverage or you will get taken advantage of. I've tried being overly reasonable and it usually backfires so protect yourself first. As you can see she is already changing since she knows you mean business. If not she would be pushing the other way. And that is pretty typical from what I have learned

@John Patton Just wondering how pulling the plug led to rehab costs? Would you not have had these rehab costs had you let them stay? Had you cut them loose earlier could you have avoided the damage all together or did they only do it because they were mad? I've found that tenants that are habitually late are eventually unable to pay and if you give them to much slack you wind up losing.

@Claudia Starr You might need to look at larger national banks. The local banks around me want to do ARMs but the nationwide banks do it

@Jay Hinrichs I agree, it wont be long before its mass produced for cheap and sold like cigarettes and the home growers and all that will be out the picture. It's amazing to me the alcohol and medical companies have held it at bay so long. But I dont see it lasting much longer